|Relative Value||11498498% overvalued|
An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -69.9%.
The calculated WACC is 5.0%. This value is used as the default discount rate.
Assuming a growth rate of -69.9%, the cash flows for the next 5 years are projected.
The present value of each year's flow is adjusted to present value using the discount rate.
|Year||Future flow (billion)||Present value (billion)|
Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 3.21e-06 billion. This corresponds to a present value of 2.39e-06 billion.
The total present value of the projected cash flows is 1.73e-05 billion. Adding in the terminal value gives a total present value of 1.97e-05 billion.
There are presently 157.0 million outstanding shares, so the intrinsic value per share is 0.0.
The following data was to determine the past cash flows.
|Non-Cash Working Capital (NCWC)||598,000,000|
|Change in NCWC||-86,000,000|
|Depreciation and Amortization||270,000,000|
|Unlevered Free Cash Flow||342,000,000|
|Non-Cash Working Capital (NCWC)||684,000,000|
|Change in NCWC||-392,000,000|
|Depreciation and Amortization||327,000,000|
|Unlevered Free Cash Flow||190,000,000|
|Non-Cash Working Capital (NCWC)||1,076,000,000|
|Change in NCWC||-2,022,000,000|
|Depreciation and Amortization||368,000,000|
|Unlevered Free Cash Flow||-1,419,000,000|
|Non-Cash Working Capital (NCWC)||3,098,000,000|
|Change in NCWC||-372,000,000|
|Depreciation and Amortization||430,000,000|
|Unlevered Free Cash Flow||898,909,638|
|Non-Cash Working Capital (NCWC)||3,470,000,000|
|Change in NCWC||-331,000,000|
|Depreciation and Amortization||526,000,000|
|Unlevered Free Cash Flow||771,798,732|
|Non-Cash Working Capital (NCWC)||3,801,000,000|
|Change in NCWC||3,969,000,000|
|Depreciation and Amortization||527,000,000|
|Unlevered Free Cash Flow||4,702,509,489|
|Non-Cash Working Capital (NCWC)||-168,000,000|
|Change in NCWC||131,000,000|
|Depreciation and Amortization||563,000,000|
|Unlevered Free Cash Flow||1,605,246,734|
|Non-Cash Working Capital (NCWC)||-299,000,000|
|Change in NCWC||-1,650,000,000|
|Depreciation and Amortization||1,190,000,000|
|Unlevered Free Cash Flow||164,000,000|
|Non-Cash Working Capital (NCWC)||1,351,000,000|
|Change in NCWC||-3,744,000,000|
|Depreciation and Amortization||1,426,000,000|
|Unlevered Free Cash Flow||-1,371,257,686|
|Non-Cash Working Capital (NCWC)||5,095,000,000|
|Change in NCWC||-389,000,000|
|Depreciation and Amortization||1,358,000,000|
|Unlevered Free Cash Flow||1,963,428,089|
|Non-Cash Working Capital (NCWC)||5,484,000,000|
|Change in NCWC||4,779,000,000|
|Depreciation and Amortization||1,301,000,000|
|Unlevered Free Cash Flow||7,123,471,333|
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